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A firm is experiencing a 15% sales decline over the past year.The firm contracts with a marketing research firm to survey its customers to determine why sales are declining.Suggest how the principals in the marketing research firm should respond to their client's demands.
Obligation Settlement
The process of fulfilling or discharging a liability, such as paying off a loan, fulfilling a contract, or making a required payment.
Contingent Liabilities
Responsibilities that may arise based on the outcome of a future event.
Financial Statements
Documents that provide an overview of the financial condition of an entity including its assets, liabilities, revenues, and expenses over a particular period.
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